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The Star
3 days ago
- Business
- The Star
Spain, World Bank launch debt-swap hub to free development funds
FILE PHOTO: Spanish Minister of Economy, Trade, and Enterprise Carlos Cuerpo participates in a media interview at the International Monetary Fund (IMF) and the World Bank Group 2024 Fall Meeting in Washington, U.S., October 23, 2024. REUTERS/Kaylee Greenlee Beal/File Photo LONDON (Reuters) -Spain has partnered with the World Bank to help countries free up money to spend on sustainable development projects via debt swaps, the country's Ministry of Economy said on Tuesday. With rich governments cutting official development aid and many countries spending more on servicing debt than on development, nations are turning to creative ways to find cash to support projects ranging from protecting coral reefs to paying for water sanitation projects and schools. The Global Hub for Debt Swaps for Development, launched at the Finance for Development summit in Seville, southern Spain, will provide countries with technical and financial assistance as they look to reallocate finance to projects like food security and climate adaptation, the Spanish government said. Countries from Barbados to the Ivory Coast have used debt-swap mechanisms over the last year to buy back more expensive loans or bonds and refinance them at cheaper rates, while pledging to use the savings for social and environmental projects. But critics say such deals can be time-consuming, costly and hard to replicate, which has prevented more widespread adoption of a tool advocates say is critical to helping countries reduce debt burdens and address development issues. "We have heard loud and clear the message from many countries: we need practical tools that make debt swaps simpler, faster, and more accessible," Spain's Minister of Economy, Trade, and Business Carlos Cuerpo said. Spain will contribute 3 million euros ($3.54 million) to support the Hub, while the World Bank said it will host a "multi-partner trust fund to finance technical assistance". "By turning successful pilot projects into repeatable solutions, we can ease debt burdens and unlock investments in education, health, and opportunity," World Bank Group President Ajay Banga said. In the last two decades, Spain has signed 47 agreements with 28 countries, resulting in the forgiveness of 1.64 billion euros of debt. The government has put in place a new national framework to sign bilateral debt swap agreements totaling up to 300 million euros over the next five years, the Economy Ministry said. ($1 = 0.8470 euros) (Reporting by David Latona, writing by Virginia Furness; Editing by Sharon Singleton)
Straits Times
21-05-2025
- Politics
- Straits Times
US Army to change transgender soldiers' records to birth sex
FILE PHOTO: An Army National Guard soldier stands outside of a gate at the U.S.-Mexico border in Eagle Pass, Texas, U.S., February 7, 2025. REUTERS/Kaylee Greenlee Beal/File Photo WASHINGTON - The U.S. Army will alter the records of transgender soldiers to show only their sex at birth, according to internal guidance seen by Reuters that details a series of steps it will take as it pushes them out of the service. "Commanders will take immediate measures to update personnel records and administrative systems to reflect biological sex for all individuals," the 14-page memo stated. The Army considered a person's sex to be "unchanging during a person's life," it said, echoing a February 26 Pentagon memo. The Army document illustrates how President Donald Trump's administration intends to treat thousands of transgender troops after the Supreme Court's ruling this month cleared the way for the Pentagon to implement a ban on their service. Reuters first reported on May 8 the Pentagon's plans to start kicking out transgender troops who do not elect to leave on their own by June 6. On May 12, it detailed plans to halt gender-affirming healthcare for transgender troops. The Army could not immediately be reached for comment. The Army's latest memo detailed other steps beyond the records change to reflect the soldier's sex at birth, alterations it said would be carried out by the Army's Human Resources Command. The Army document said that pronoun use when referring to individuals "must reflect their biological sex." "In keeping with good order and discipline, salutations (e.g., addressing a senior officer as "sir" or "ma'am")," the document stated. It also stated that access to "intimate spaces" will be determined by an individual's biological sex. "Commanders will ensure all such shared intimate spaces will be clearly designated for either male, female, or family use," the document stated. There are 4,240 U.S. active-duty and National Guard transgender troops, officials have said. Transgender rights advocates have given higher estimates. 'The directives coming out are vindictive and aggressive. At the same time, they are being issued in a chaotic way that undoubtedly is harming military readiness," said Jennifer Levi, a senior director at the pro-LGBTQ legal group GLAD Law. Trump signed an executive order in January, after returning to the presidency, that reversed a policy implemented under his predecessor Joe Biden that had allowed transgender troops to serve openly. A Gallup poll published in February found that 58% of Americans favored allowing openly transgender individuals to serve in the military, but the support had declined from 71% in 2019. A former Fox News host, Hegseth has embraced conservative stances on culture war issues, including eliminating diversity initiatives at the Pentagon. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
21-05-2025
- Politics
- The Star
Exclusive-US Army to change transgender soldiers' records to birth sex
FILE PHOTO: An Army National Guard soldier stands outside of a gate at the U.S.-Mexico border in Eagle Pass, Texas, U.S., February 7, 2025. REUTERS/Kaylee Greenlee Beal/File Photo WASHINGTON (Reuters) -The U.S. Army will alter the records of transgender soldiers to show only their sex at birth, according to internal guidance seen by Reuters that details a series of steps it will take as it pushes them out of the service. "Commanders will take immediate measures to update personnel records and administrative systems to reflect biological sex for all individuals," the 14-page memo stated. The Army considered a person's sex to be "unchanging during a person's life," it said, echoing a February 26 Pentagon memo. The Army document illustrates how President Donald Trump's administration intends to treat thousands of transgender troops after the Supreme Court's ruling this month cleared the way for the Pentagon to implement a ban on their service. Reuters first reported on May 8 the Pentagon's plans to start kicking out transgender troops who do not elect to leave on their own by June 6. On May 12, it detailed plans to halt gender-affirming healthcare for transgender troops. The Army could not immediately be reached for comment. The Army's latest memo detailed other steps beyond the records change to reflect the soldier's sex at birth, alterations it said would be carried out by the Army's Human Resources Command. The Army document said that pronoun use when referring to individuals "must reflect their biological sex." "In keeping with good order and discipline, salutations (e.g., addressing a senior officer as "sir" or "ma'am")," the document stated. It also stated that access to "intimate spaces" will be determined by an individual's biological sex. "Commanders will ensure all such shared intimate spaces will be clearly designated for either male, female, or family use," the document stated. There are 4,240 U.S. active-duty and National Guard transgender troops, officials have said. Transgender rights advocates have given higher estimates. 'The directives coming out are vindictive and aggressive. At the same time, they are being issued in a chaotic way that undoubtedly is harming military readiness," said Jennifer Levi, a senior director at the pro-LGBTQ legal group GLAD Law. Trump signed an executive order in January, after returning to the presidency, that reversed a policy implemented under his predecessor Joe Biden that had allowed transgender troops to serve openly. A Gallup poll published in February found that 58% of Americans favored allowing openly transgender individuals to serve in the military, but the support had declined from 71% in 2019. A former Fox News host, Hegseth has embraced conservative stances on culture war issues, including eliminating diversity initiatives at the Pentagon. (Reporting by Phil Stewart; Editing by Don Durfee and Daniel Wallis)
